Allianz Total and Permanent Disability Cover

Receive up to $1.5 million in cover with Allianz Permanently Unable to Work Cover

Total and permanent disability insurance, also known as Permanently Unable to Work cover by Allianz, provides you with a lump sum payment if you are unable to work again as a result of a serious illness or injury.

You can use your benefit payment to cover medical costs, pay off your debts such as mortgage or loans, keep up with ongoing living expenses, or to make modifications to your home to cater to your new condition. Allianz Permanently Unable to Work policy will cover you for defined major physical impairments such as the loss of your sight or hearing, and will pay your benefit amount, regardless of whether you are able to return to work in the future.

The team of advisers that directs its enquiries to are not currently able to provide quotes for this provider. You may wish to consider our other primary providers instead.

Features of the policy

Your income may be something which you easily take for granted, especially when it comes to your future earning capacity. Your thoughts are likely focused on how much money you take home each week, or how your yearly salary and package stack up. However, have you ever thought about the extent to which your family and your lifestyle will rely on your earning capacity over your entire working life? For example, if you are 30 years old and earning $75,000 a year, by the time you retire at 65 you will have earned over $5.3 million, and that's assuming that you've stayed in the same income bracket with increases for inflation only, not accounting for you moving into another salary bracket.

Now that you can see the true impact of never being able to work again, you can also see how valuable those insurance premiums are, so consider how you can benefit from the other features of the Allianz Permanently Unable to Work insurance policy:

  • A lump sum benefit. The benefit payout you receive from Allianz for a successful disability claim is paid in a lump sum amount into your bank account, and can be used for any purpose you need.
  • Coverage for 'any occupation'. In TPD disability policies you will see the terms 'own occupation' and 'any occupation' with regards to your definition of being unable to return to work. The term own occupation means the policy will only pay out if you are unable to work in the position for which you have specialist skills, knowledge and qualifications, whereas any occupation will pay a benefit if you are unlikely to ever work again in any position.
  • Payment for major physical impairment. You can also make a claim on your Allianz Permanently Unable to Work policy if you suffer a defined major physical impairment such as, loss of limbs, paralysis, loss of sight or loss of hearing.
  • Inflation proof policy. Each year Allianz will increase your benefit amount by the CPI or by 5%, whichever is greater, to ensure that your benefit remains valuable and relevant to the day's costs whenever you make a claim.
  • Easy to apply and renew. If you are between 16 and 55 years old you can apply for Allianz Permanently Unable to Work cover, and you will remain covered by a guaranteed renewal of your policy until you are 65 years old, as long as your premiums remain current. To apply you simply need to answer some questions about your health, lifestyle and family medical history.
  • Some exclusions. You will not be able to make a successful claim on your Allianz Permanently Unable to Work policy if you have not applied for the cover personally, or where the application was completed on behalf of someone else. A claim will also be denied if the condition you are claiming for is the result of a self inflicted injury.

When will a benefit be paid for Allianz Permanently Unable to Work Cover?

The eligibility to qualify for the benefit payment is determined by the definition of disablement that is being claimed for:

  • Permanently unable to work in any occupation: Worker has been unable to work due to illness or injury for 3 consecutive months and are unlikely to be able to work again in any occupation that they are suited for based on their previous work experience, training or education.
  • Major physical impairments: Worker suffers loss of limbs or paralysis, loss of sight or loss of hearing.

Some final questions you might have

Q. How much cover can I take out?

  • A. This is dependent on your age at the time of application;
  • 16-45: $100,000 - $1,500,000
  • 46-55: $100,000 - $1,500,000
  • 56-65: Not eligible for cover

Q. How much will I need to be working to be covered under this policy?

  • A. You must be engaged in permanent employment and working at least 20 hours per week.

Q. What if I work in a hazardous occupation?

  • A. Allianz will provide cover for most occupations however, you may wish to contact Allianz prior to application to check whether your occupation is covered under the policy.

Q. Can I increase my cover after my policy has started

  • A. You can apply to increase your cover after policy has commenced though your application will be assessed by Allianz's underwriting team and so is not guaranteed.

Q. When will a benefit not be paid?

    • Allianz will not pay a benefit if the condition is a result of self-inflicted injury.
    • Claims for events that have been excluded on your policy i.e. Bungee Jumping
    • Claims for events that have occurred in countries where the Australian Government has issued travel warnings against visiting.

Q. Can I renew my cover?

  • A. Cover can be renewed until the policy anniversary following your 65th birthday.

Q. When does my cover commence?

  • A. Your cover will commence as soon as your application is accepted. This will be the date that is stated on your policy certificate of insurance.

Q. When will my policy end?

      • Your policy lapses due to non-payment.
      • Your policy expires

Q. Do I get a cooling-off period?

  • A. Every policy will be issued with a 30 day cooling off period whereby cover can be cancelled and you will be provided with a full refund.

Q. Can I cancel my policy outside of the cooling-off period?

  • A. Policies can be cancelled at any time. There will be no refund of past premium payments that have been made.

Q. Are there any discounts available?

  • A. You may be entitled to a premium discount if at the time of entering into the policy your are covered under another form of insurance cover from Allianz.

Q. Are there any hidden fees?

  • A. There is a minimum base premium amount of $4.00 per month. You will be provided with 30 days noticed for any additional fees that may be charged.

How do I apply for Allianz Permanently Unable to Work Cover

You can receive a quote for and purchase Allianz Permanently Unable to Work Cover entirely online via the Allianz website. Cover can be put in place in as little as 12 minutes with no medicals or blood tests required. Applicants even have the ability to save their application for a period of up to 30 days to resume and submit at a later date. Allianz will require the following details for your application;

      • Alcohol and smoking consumption
      • Your height and weight
      • Medical history - past injuries, illnesses, previous medication, previous treatment you have been provided
      • Name and contact details of your doctor
      • Bank details for the payment of your premium

William Eve

Will is a personal finance writer for specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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